Xpeng has bowed to an intensifying worth battle in China’s electric-vehicle market, chopping sticker costs by as a lot as 13 % after Tesla’s shock cuts in the beginning of the 12 months.
The beginning worth of the bottom mannequin of Xpeng’s G3i SUV dropped to 148,900 yuan ($22,000) from 168,900 yuan, based on a publish on the corporate’s official Weibo web page.
P7 sedan costs had been reduce to 249,900 yuan, whereas the sticker worth on the newly launched G9 mannequin stayed the identical.
China is the world’s largest EV market and an more and more aggressive battleground for worldwide and native automakers.
After chopping costs on its widespread, Chinese language-made Mannequin Y and Mannequin 3 vehicles in October, Tesla adopted with one other spherical of reductions on Jan. 6.
Mercedes-Benz reduce costs on two EVs by as a lot as $33,000 in November, whereas Huawei-backed Aito this week lowered them by as much as 31,000 yuan.
Xpeng’s shares slumped after Tesla’s newest worth reduce, with Citigroup analyst Jeff Chung saying the automaker would “undergo probably the most” as a result of influence on gross sales of its P7 and G7 fashions.
Guangzhou-based Xpeng unveiled its G9 SUV in September, hoping for a lift to gross sales that had been impacted by COVID-19 lockdowns and restrictions in China.
“We’re going to additional enhance supply-chain administration, value management, manufacturing effectivity and buyer companies,” Xpeng stated Tuesday, describing the value cuts as a “regular adjustment.”